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Accell Group sales up 7.5% last year thanks to e-bikes and cargo bikes

Published March 6, 2020

HEERENVEEN, Netherlands (BRAIN) — Accell Group says its traditional bike sales were down 13% in value last year, while sales of e-bike were up 11% and of cargo bikes up 47%. Overall the Dutch conglomerate — which sold off its North American business last year — saw net turnover increase 7.5% in 2019, to 1.1 million euros ($1.2 billion).

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The group's loss on discontinued operations was 56.5 million euros. 

Ton Anbeek, the CEO of Accell Group, said,  “We are well on track with our ‘Lead global. Win local’ strategy. In 2019, we booked higher top line growth, a higher added value and a solid EBIT. Excluding one-offs, EBIT was slightly behind last year due to additional - yet planned – investments and costs made under our strategic agenda and transition roadmap. We completed the disposal of the North American business (discontinued operations) which allows us to now fully focus on executing our strategy."

Last year Accell shut down Accell North America and sold its Redline, Diamondback and iZip brands to Alta Cycling Group, a new organization owned by Regent LP. ACG is also distributing Raleigh and Haibike in North America. Accell also sold Beeline to a U.S. investor group and transfered the Canadian brand registrations of Raleigh, Diamondback, Redline and IZIP to the Canadian Tire Corporation. 

Full earnings press release. 

Topics associated with this article: Earnings/Financial Reports

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